Shopify Inc. (SHOP) Receives “Buy” Rating from KeyCorp
Shopify Inc. (NYSE:SHOP)‘s stock had its “buy” rating reissued by KeyCorp in a note issued to investors on Sunday.
Several other research analysts have also recently issued reports on the stock. Piper Jaffray Cos. set a $40.00 price target on shares of Shopify and gave the stock a “buy” rating in a report on Wednesday, August 3rd. RBC Capital Markets reissued an “outperform” rating and set a $42.00 price target (up from $37.00) on shares of Shopify in a report on Thursday, August 4th. Monness Crespi & Hardt increased their price target on shares of Shopify from $35.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Wedbush reissued an “outperform” rating and set a $35.00 price target (down from $40.00) on shares of Shopify in a report on Wednesday, August 3rd. Finally, Citigroup Inc. reissued a “hold” rating and set a $40.00 price target on shares of Shopify in a report on Thursday, August 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $40.84.
Shopify (NYSE:SHOP) opened at 44.36 on Friday. The company’s market cap is $3.63 billion. The stock has a 50 day moving average price of $42.41 and a 200-day moving average price of $33.73. Shopify has a 1-year low of $18.48 and a 1-year high of $45.20.
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Shopify (NYSE:SHOP) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.04. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The business earned $86.36 million during the quarter, compared to analysts’ expectations of $80.62 million. During the same period in the prior year, the company earned ($0.03) earnings per share. The business’s revenue was up 92.9% compared to the same quarter last year. On average, equities research analysts forecast that Shopify will post ($0.15) EPS for the current year.
Hedge funds have recently made changes to their positions in the company. FMR LLC raised its stake in shares of Shopify by 32.9% in the second quarter. FMR LLC now owns 9,586,883 shares of the company’s stock worth $294,892,000 after buying an additional 2,370,708 shares during the period. Insight Holdings Group LLC raised its stake in shares of Shopify by 939.0% in the second quarter. Insight Holdings Group LLC now owns 2,444,839 shares of the company’s stock worth $75,203,000 after buying an additional 2,209,539 shares during the period. Abdiel Capital Advisors LP raised its stake in shares of Shopify by 43.5% in the second quarter. Abdiel Capital Advisors LP now owns 2,407,342 shares of the company’s stock worth $74,050,000 after buying an additional 730,195 shares during the period. Whale Rock Capital Management LLC raised its stake in shares of Shopify by 130.3% in the second quarter. Whale Rock Capital Management LLC now owns 989,538 shares of the company’s stock worth $30,438,000 after buying an additional 559,906 shares during the period. Finally, Lord Abbett & CO. LLC raised its stake in shares of Shopify by 19.6% in the second quarter. Lord Abbett & CO. LLC now owns 737,295 shares of the company’s stock worth $22,679,000 after buying an additional 121,033 shares during the period. Hedge funds and other institutional investors own 58.80% of the company’s stock.
Shopify Inc is a provider of cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, social media storefronts, such as Facebook, Twitter and Pinterest, and physical retail locations.
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